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Office of Management and Enterprise Services (OMES) - General Revenue Collections Slow in August Sales Tax Growth Still Silver Lining For Economy
file:///Y|/.../Newsletters/Revenue%20Collections%20OEMS/2012-08%20General_Revenue_Collections_Slow_in_August_Sales_Tax_Growth_Still_Silver_Lining_For_Economy.html[9/21/2012 9:43:04 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / General Revenue Collections Slow in August Sales Tax Growth Still Silver Lining For Economy
News Release
PRESTON L. DOERFLINGER
Secretary
of Finance and Revenue
MARY FALLIN
Governor
Wednesday, September 12, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Collections Slow in August;
Sales Tax Growth Still Silver Lining For Economy
OKLAHOMA CITY – Total collections to the state’s General Revenue Fund slowed in August, but sales tax growth remained a
silver lining for the Oklahoma economy, Secretary of Finance Preston L. Doerflinger said Wednesday.
"Our overall collections have been diminished by low energy prices in the final months of the last fiscal year, plus refunds
made during the first two months of Fiscal Year 2013," Doerflinger said. "And the drought undoubtedly has had some negative
effect. But those factors haven’t dampened consumer confidence."
The finance secretary, in releasing his monthly General Revenue Fund report, added: "We’ve also seen lower than expected
personal income tax collections, but part of that is related to the timing of the remittance of withholding taxes. This has been
overcome largely by sales taxes, which beat prior year collections by double digits over the first two months this fiscal year."
Total collections to the General Revenue Fund for the month of August were $386.4 million, down $28.4 million and 6.8
percent from a year ago. The amount collected for the month was $17 million and 4.2 percent lower than the estimate.
It was only the third time since April, 2010, that monthly GRF collections had been below both prior year receipts and the
estimate.
Doerflinger said it is important to note that despite the lull in personal income and oil and natural gas tax receipts, total GRF
collections for July and August were still above the estimate by 0.4 percent. Sales tax collections, however, beat the estimate
by 4.1 percent in July and by 6.3 percent in August. Sales tax receipts in August also exceeded the prior year by 12.1 percent.
"It’s too early to proclaim a slowdown in the Oklahoma economy, which has had an incredible rebound from the recession over
the past two years" he said. "After all, sales tax growth is perhaps the leading indicator of our economic strength, our
corporate taxes are up and our 4.9 percent unemployment rate is the envy of neighboring states.
"Gov. Mary Fallin has gained national attention for her job recruiting efforts and for her pro-growth policies that have helped
the Oklahoma economy recover. Our constitutional Rainy Day Fund now has a near-record $577 million in it after being
completely drained as a result of the recession. In short, the Oklahoma economy appears to have a lot of power and vitality
moving forward."
Doerflinger said his only real worry at this point stems from external factors such as financial troubles abroad and the failure of
the president and Congress to reach an agreement on the federal budget.
"I hope another national financial calamity does not happen," he said, "but it’s critical to be prepared just in case. I applaud
Speaker-designate T. W. Shannon’s plan for a legislative study to develop contingency plans in the event Washington doesn’t
gets its act together and that leads to massive cuts in federal funds going to the states.
"At the Office of Management and Enterprise Services, we have requested agencies to notify us as we go through the budget
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Office of Management and Enterprise Services (OMES) - General Revenue Collections Slow in August Sales Tax Growth Still Silver Lining For Economy
file:///Y|/.../Newsletters/Revenue%20Collections%20OEMS/2012-08%20General_Revenue_Collections_Slow_in_August_Sales_Tax_Growth_Still_Silver_Lining_For_Economy.html[9/21/2012 9:43:04 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / General Revenue Collections Slow in August Sales Tax Growth Still Silver Lining For Economy
News Release
PRESTON L. DOERFLINGER
Secretary
of Finance and Revenue
MARY FALLIN
Governor
Wednesday, September 12, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Collections Slow in August;
Sales Tax Growth Still Silver Lining For Economy
OKLAHOMA CITY – Total collections to the state’s General Revenue Fund slowed in August, but sales tax growth remained a
silver lining for the Oklahoma economy, Secretary of Finance Preston L. Doerflinger said Wednesday.
"Our overall collections have been diminished by low energy prices in the final months of the last fiscal year, plus refunds
made during the first two months of Fiscal Year 2013," Doerflinger said. "And the drought undoubtedly has had some negative
effect. But those factors haven’t dampened consumer confidence."
The finance secretary, in releasing his monthly General Revenue Fund report, added: "We’ve also seen lower than expected
personal income tax collections, but part of that is related to the timing of the remittance of withholding taxes. This has been
overcome largely by sales taxes, which beat prior year collections by double digits over the first two months this fiscal year."
Total collections to the General Revenue Fund for the month of August were $386.4 million, down $28.4 million and 6.8
percent from a year ago. The amount collected for the month was $17 million and 4.2 percent lower than the estimate.
It was only the third time since April, 2010, that monthly GRF collections had been below both prior year receipts and the
estimate.
Doerflinger said it is important to note that despite the lull in personal income and oil and natural gas tax receipts, total GRF
collections for July and August were still above the estimate by 0.4 percent. Sales tax collections, however, beat the estimate
by 4.1 percent in July and by 6.3 percent in August. Sales tax receipts in August also exceeded the prior year by 12.1 percent.
"It’s too early to proclaim a slowdown in the Oklahoma economy, which has had an incredible rebound from the recession over
the past two years" he said. "After all, sales tax growth is perhaps the leading indicator of our economic strength, our
corporate taxes are up and our 4.9 percent unemployment rate is the envy of neighboring states.
"Gov. Mary Fallin has gained national attention for her job recruiting efforts and for her pro-growth policies that have helped
the Oklahoma economy recover. Our constitutional Rainy Day Fund now has a near-record $577 million in it after being
completely drained as a result of the recession. In short, the Oklahoma economy appears to have a lot of power and vitality
moving forward."
Doerflinger said his only real worry at this point stems from external factors such as financial troubles abroad and the failure of
the president and Congress to reach an agreement on the federal budget.
"I hope another national financial calamity does not happen," he said, "but it’s critical to be prepared just in case. I applaud
Speaker-designate T. W. Shannon’s plan for a legislative study to develop contingency plans in the event Washington doesn’t
gets its act together and that leads to massive cuts in federal funds going to the states.
"At the Office of Management and Enterprise Services, we have requested agencies to notify us as we go through the budget
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms